City Cashes In: 4 Acres by Sonoran Creek Fetches $1.45M

Maricopa City Council has taken a significant step in local development by approving the sale of over 4 acres adjacent to Sonoran Creek Marketplace. The property will be sold to Miravest, a commercial real estate investment and development firm based in Tacoma, Washington, for $1.45 million.

Details regarding the exact plans for the site remain uncertain. Miravest’s portfolio includes a variety of projects across Arizona and Washington, such as hotels, retail spaces, multifamily townhomes, and medical facilities.

This latest sale is reminiscent of a previous agreement sanctioned by the council in 2022, where Scottsdale-based Geston Duffy Company purchased a similar parcel for $1.42 million. Sixteen months later, Geston Duffy proposed a mixed-use residential community at that location with plans for three three-story buildings.

According to the project narrative, the new development aimed to feature office units on the first floor along Hathaway and Wilson Avenues, while the upper levels would house 136 multifamily units, ranging from 500 to 1,100 square feet. However, Geston Duffy did not outline the types of businesses it intended to attract and subsequent plans for development halted, prompting the council to pursue a new agreement with Miravest.